The 3 Keys To Creating Maximum Practice Value
Strategic Issues

The 3 Keys To Creating Maximum Practice Value

August 18, 2014

by Tony Vidler

For any professional services business to realise it’s full potential, and achieve maximum value, there are 3 elements that the business must continually work upon:

  1. Creating the physical Capacity to ‘grow’ it’s transactional volume
  2. Developing Capabilities
  3. Creating and seizing Opportunity to grow

These three elements are what will determine where your business can go, or grow, in the future.

Your capacity will largely hold the keys to your business future.  Capacity is determined by how you manage financial resources, how you use time, and the level of strategic clarity (or planning).  Together, they are the main drivers of what your business could do.  Technical expertise is closely involved in determining capacity, but it is not a critical element there.

Technical knowledge together with sales skills and the position you have in the market will determine what type of work, or clients, you are able to take on.  That is capacity.

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The areas that will have the most impact in driving the growth of your business – the future opportunity – lie in the combination of your marketing and positioning, together with your customer engagement processes and the prospecting systems you have developed for creating new clients.

By “engagement” I am not simply referring to the initial contact or terms of business.  They are part of the engagement process of course, but engagement in this sense is the entire system of how you communicate, service and interact with prospective customers and clients alike.

For effective planning to grow a valuable professional services business you need to be thinking about each of these areas, as they determine your capacity, capability and opportunity.  To create maximum practice value, these are the 3 keys.

© 2013 Tony Vidler.  All rights reserved.
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